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| Analysis for Q2 2012: Real estate market in Veliko Tarnovo and the area |
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Main points:
- 17% increase in demand compared to Q1 2012
- More property deals compared to the same period last year
- Prices of apartments remain at the levels from Q1 2012
- Increased demand for smaller, ready to move in homes
- Stable interest in suburban houses
- Most of the clients are Bulgarian, second place for Russian, third – for British clients
Usually in Q2 there is bigger interest on the property market, as people are looking mostly for small-sized, ready to move in apartments with one bedroom, if the property is newly-built finishing works shall be negotiated. Prices remain unchanged compared to the end of 2011 and beginning of 2012, in the range of 330-350 euro per sq.m. for not finished newly-built apartments and 380-420 for completely finished flats.
There is an increase in the number of property deals for properties in suburban areas and villages located close to Veliko Tarnovo, as people are looking for holiday houses in the price range of EUR 20 000 to 25 000 for summer residences, and EUR 50 000 – 70 000 for luxury suburban houses for permanent living.
Preferred are ready to move in houses in need of cosmetic repairs only, as buyers are looking for co-financing from banks for purchase of such properties.
Most of the property buyers are Bulgarian customers, which took part in more than 55% from the property deals; second place is for Russian clients with 30 %, after that – British clients.
More and more Russian clients are looking for properties for permanent residence in settlements with good infrastructure, suitable for growing children and offering job opportunities.
The rental market is quiet for the moment, expecting increased interest in mid-August.
Commercial properties are in crisis and there is almost no demand for retail spaces.
Trends for the coming summer and autumn months are for even bigger interested in cheap and profitable small-sized properties having in mind the fact that many Bulgarians working abroad come back during this season, looking for investment in such properties.
Source: Century Homes
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| Friday, Jul 27, 2012 |
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| » RENTALS |
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| Office Space |
€ 330 |
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| Location: |
Veliko Tarnovo |
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